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- Question 4 Kenz Limited employs its staff on a five-day working week. The weekly salaries is $15,000 and employees are paid in arrears on Friday. That is, when the employees are paid, the salaries paid are for work performed in the preceding week. Kenz Limited retains $5,000 per week to pay the Inland Revenue Department for pay-as-you-earn (PAYE) tax on behalf of the employees and $1,000 per week to pay staff medical benefits. Tax and medical benefits are paid on the following Monday and Tuesday of each week respectively. The end of the reporting period falls on a Wednesday. Required Prepare the accounting entries necessary to record the salary on balance day and its payments. Question 5 Telephone Limited signed a contract with Machinery Leasing Company at 1st January 2020 to lease a machine. The agreement consists in 10 equal annual payments of $300,000 at the beginning of each year with an interest rate of 15%. The yearly rental payment includes $30,000 of executory costs related…Question 6 6. Mr Bo, a manager at Mamu Papi earns RM10,000 salary per month. He hasbeen working in the same company for the past 20 years. As an appreciation tohis long service, he is provided with the following benefits: An unfurnished condo at 1 Persiaran Gurney. The rental of RM4,000 a permonth is paid by the employer. The employer’s portion of the Employee’s Provident Fund, 12% of his monthlysalary A new Sports Utility Vehicle (SUV) costing RM150,000 was given to him since2018. Since this car is a hybrid, the company does not provide him with anypetrol allowances. A gardener who is paid RM400 per month. A half day maid who is paid RM500 per month.1 The company paid for RM10,000 worth of airfare for Mr Bo and his family togo for a holiday in Singapore in January 2021. RM2,000 medical and dental benefitsMr Bo apart from his work receives the following additional income RM3,500 single tier dividend from Tenaga Nasional Berhad Net dividend income of RM12,750. Interest income…Computing Net Pay Mary Sue Guild works for a company that pays its employees 1½ times the regular rate for all hours worked in excess of 40 per week. Guild's pay rate is $13.00 per hour. Her wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. She is married and claims four withholding allowances. Guild has a ½-hour lunch break during an 8½-hour day. Her time card is shown. Name Mary Sue Guild Week Ending March 30, 20-- Hours Worked Day In Out In Out Regular Overtime M 7:57 12:05 12:35 4:33 8 T 7:52 12:09 12:39 5:05 8 ½ W 7:59 12:15 12:45 5:30 8 1 T 8:00 12:01 12:30 6:31 8 2 F 7:56 12:05 12:34 4:30 8 S 8:00 10:31 2½ Complete the following for the week: a. fill in the blank 1 regular hours × $13.00 per hour $fill in the blank 2 b. fill in the blank 3 overtime hours × $19.50 per hour $fill in the blank 4 c. Total gross wages $fill in the blank 5 d. Federal income tax…
- Payroll 4.1 Justin Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $300.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($500.00), and the employer withholds the appropriate taxes for the tips from this first pay in March. Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, single or married filing separately), social security taxes, and state income tax (2%). Enter deductions beginning with a minus sign (-). Round interim amounts to two decimal places. Use these values in subsequent computations then round final answer to two decimal places. As we go to press, the federal income tax rates for 2021 are being determined by budget talks in Washington and not available for publication. For this edition, the 2020 federal income tax tables for Manual Systems with Forms W-4 from 2020 or later with Standard Withholding and 2020 FICA rates have been used.1.Jill is paid a yearly salary of $90,000. How does she make per month? 2. A salesman is paid a 6% commission on his net sales. Find his gross wages for the past month if his gross sales totaled $91,568 and he had $5,568 of returns and allowances. 3. A salesman receives a salary of $500 per week plus an 8% commission on all sales in excess of $1,800. What were his wages last week, if gross sales totaled $18,714 and returns were $5,714? Group of answer choices A.$1,481.12 B.$1,981.12 C.$1,040 D.$1,396 4. An auctioneer earns a commission on the total value of the property he sells. If he earns $2,700 on the sale of $18,000 worth of property, at what percentage rate is he paid? Group of answer choices A.0.15% B.15% C.1.5% D.1 1/2% 5. A computer programmer, who is covered by the Fair Labor Standards Act, is paid a salary of $1,260 a week for a normal work week of 35 hours. If she works 42 hours in a week, her gross pay for the week would be Group…13. The salaries given to the nail specialist in #2 is considered part of a. Operating income b. Operating Expense c. General & Administrative Expense d. None of the above 14. Pepe is a Senior High School student who works as a part-time cook every week ends at a certain restaurant near their house and receives a pay of P500 which serves as his weekly allowance. On Friday night, he counted his money and found out that there's still P182.50 left from his money after a week-long class. This amount is to be treated as Gary's a. Gross Profit b. Net Income c. Operating Income d. None of the above
- Question 36 A company has daily purchases of $10,000 from its supplier. The supplier offers trade credit under the following terms: 3/20, net 50 days. The company finally chooses to pay on time (pay in the 50th day) but not to take the discount. We assume 365 days per year. What is the average level of the company’s free trade credit? ______ $30,000 $170,000 $200,000 $300,000 Question 37 Based on the information from Question 36, what is the average level of the company’s total trade credit? $170,000 $200,000 $300,000 $500,000 38 . Based on the information from Question 36, what is the average level of the company’s costly trade credit? $170,000 $200,000 $300,000 $500,000 Question 39 Based on the information from Question 36, what is the nominal annual cost of the firm’s costly trade credit? 28.6% 29.3% 33.5%…Computing Net Pay Mary Sue Guild works for a company that pays its employees 1½ times the regular rate for all hours worked in excess of 40 per week. Guild's pay rate is $8.00 per hour. Her wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. She is married and claims four withholding allowances. Guild has a ½-hour lunch break during an 8½-hour day. Her time card is shown below. Name Mary Sue Guild Week Ending March 30, 20-- Hours Worked Day In Out In Out Regular Overtime M 7:57 12:05 12:35 4:33 8 T 7:52 12:09 12:39 5:05 8 1/2 W 7:59 12:15 12:45 5:30 8 1 T 8:00 12:01 12:30 6:31 8 2 F 7:56 12:05 12:34 4:30 8 S 8:00 10:31 2 1/2 Complete the following for the week: If required, round your answers to two decimal places. If an amount is zero, enter "0". a. fill in the blank 1 regular hours X $8.00 per hour $fill in the blank 2 b. fill in the blank 3 overtime hours X $12.00 per hour…Computing Net Pay Mary Sue Guild works for a company that pays its employees 1½ times the regular rate for all hours worked in excess of 40 per week. Guild's pay rate is $8.00 per hour. Her wages are subject to deductions for federal income tax, Social Security tax, and Medicare tax. She is married and claims four withholding allowances. Guild has a ½-hour lunch break during an 8½-hour day. Her time card is shown below. Name Mary Sue Guild Week Ending March 30, 20-- Hours Worked Day In Out In Out Regular Overtime M 7:57 12:05 12:35 4:33 8 T 7:52 12:09 12:39 5:05 8 1/2 W 7:59 12:15 12:45 5:30 8 1 T 8:00 12:01 12:30 6:31 8 2 F 7:56 12:05 12:34 4:30 8 S 8:00 10:31 2 1/2 Complete the following for the week: If required, round your answers to two decimal places. If an amount is zero, enter "0". a. fill in the blank 1 regular hours X $8.00 per hour $fill in the blank 2 b. fill in the blank 3 overtime hours X $12.00 per hour…
- H9.C2 Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0,6% and SUTA taxes are 5.4%. The company Is preparing its payroll calculations for the week ended August 25. Payroll records show the following Information for the company's four employees. Name Dali Trey Kiesha Chee Gross Pay through August 18 Dali: $ 136,600 Trey: 136,800 Kiesha: 6,900 Chee: 1,250 gross Pav Dali: $ 2,000 Trey: 900 Kiesha: 450 Chee: 400 Current Week Income Tax Withholding Dali: $284 Trey: 145 Kiesha: 39 Chee: 30 In addition to gross pay, the company must pay two-thirds of the $60 per employee weekly health insurance; each employee pays the remalning one-third. The company also contributes an extra 8% of each employee's gross pay (at no cost to employees) to a pension fund. Required: places.) Compute the following for the…QUESTION ONE A person managing a dry- cleaning store for $ 30,000 per year decides to open a new one. The revenues of the store during the first year of operation are $ 100,000 and the expenses are $ 10,000 for supplies, $ 35,000 for salaries, $ 8,000 for rent, and $ 2,000 for utilities. The person also used $5,000 for interest on a bank loan. Assume that income and business taxes are zero and the repayment of the principal of the loan does not start before three years (suppose r=10%). Calculate (a) the explicit cost (b) the implicit costs (c) the business profit, (d) the Economic profit (e) should he open the dry-cleaning store or not? Explain your answer.SP 11 Review the February 26 and March 25 transactions for Business Solutions (SP 5) from Chapter 5. Feb. 26 The company paid cash to Lyn Addie for eight days’ work at $125 per day. Mar. 25 The company sold merchandise with a $2,002 cost for $2,800 on credit to Wildcat Services, invoice dated March 25. Required 1. Assume that Lyn Addie is an unmarried employee. Her $1,000 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $159. Compute her net pay for the eight days’ work paid on February 26. Round amounts to the nearest cent. 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company). Round…